Question

Using the information in PB7-1, calculate the cost of goods sold and ending inventory for Mojo Industries assuming it applies the LIFO cost method perpetually at the time of each sale. Com-pare these amounts to the periodic LIFO calculations in requirement 1 c of PB7-1. Does the use of a perpetual inventory system result in a higher or lower cost of goods sold when costs are rising?
Refer PB7-1